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Whitefriars Street, Coventry, CV1

Offers Over
£1,650,000 Offers Over

Property Details

21
21
3
  • Availability: For Sale
  • Bedrooms: 21
  • Bathrooms: 21
  • Reception Rooms: 3
  • Tenure: Leasehold
  • Leasehold Remaining: 125 years

Property Summary

ATTENTION INVESTORS! Being Sold via Secure Sale online bidding. Terms & Conditions apply. Starting Bid £1,650,000

A superb investment opportunity to purchase a fully refurbished fully let block of 21 studio apartments set in the heart of Coventry city centre within the A4053 Ring Road Coventry. The property is walking distance to Coventry University and Coventry City Centre. The owners have advised us the property currently has a rental income of £160,000 Per Annum offering a superb investment.

**There has also been past planning permission approved to build a double storey A2 premises, this would be a huge opportunity for an established business to be located within a stone throw away from Coventry University's main hub. (Planning has lapsed)

This would block off the car access enabling a developer to further enhance the current footprint to the existing block of apartments.

Other Information:

Bills inclusive
Students currently in occupation, all on a one year tenancy until Sep/Oct/Nov 2024
Council own the freehold
Lease = 125 Years from now
Ground rent - £10,000 PA
Service Charge - £0

Shortland Horne strongly advise an internal viewing to appreciate what this superb investment has to offer.

Full Details

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Bullet Points:
Immediate ‘exchange of contracts’ available
Sold via ‘Secure Sale’

Strap (intro) Line:
Being sold via Secure Sale online bidding. Terms & Conditions apply. Starting Bid ***********
This property will be legally prepared enabling any interested buyer to secure the property immediately once their bid/offer has been accepted. Ultimately a transparent process which provides speed, security and certainty for all parties.


To be added at the foot of (all) the property advert……

Auctioneers Additional Comments
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'.

This auction lot is being sold either under conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent.

The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via the Marketing Agents or via The Auctioneers website.

Please be aware that any enquiry, bid or viewing of the subject property will require your details being shared between both any marketing agent and The Auctioneer in order that all matters can be dealt with effectively.

The property is being sold via a transparent online auction.
In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification of identity process in accordance with Anti Money Laundering procedures. Bids can be submitted at any time and from anywhere.
Our verification process is in place to ensure that AML procedure are carried out in accordance with the law.

A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers’ obligations and sellers’ commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase.

Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit equivalent to 5% of the purchase price of the property. The deposit will be a contribution to the purchase price. A non-refundable reservation fee of up to 6% inc VAT (subject to a minimum of 6,000 inc VAT) is also required to be paid upon agreement of sale. The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs.

Both the Marketing Agent and The Auctioneer may believe necessary or beneficial to the customer to pass their details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.

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